{
  "docId": "019de06f-d9a1-735f-959a-e30273754aed",
  "docSlug": "691966eef50cfb03f89086f3d5826f32",
  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 26 slides",
  "authorId": "houlihan-lokey",
  "authorName": "Houlihan Lokey",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3351878,
  "pageNumber": 15,
  "pageCount": 26,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 28,
  "notes": "Includes specific benchmarking against 'Poconos' ratios.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-d9a1-735f-959a-e30273754aed/15",
  "deckHref": "/decks/019de06f-d9a1-735f-959a-e30273754aed",
  "deckJsonHref": "/decks/019de06f-d9a1-735f-959a-e30273754aed.json",
  "deckAnchorHref": "/decks/019de06f-d9a1-735f-959a-e30273754aed#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.72,
        "y": 0.13
      },
      "kind": "callout",
      "text": "At an illustrative cash-out price of $24 to $30 per share, the implied one-day premium would be -49% to 86%... the resulting effect of the premium on continuing stockholders is also among the lowest.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d17b5067-3296-4dc5-850b-117f0d25dbb8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.65,
        "x": 0.03,
        "y": 0.13
      },
      "kind": "chart",
      "text": "Implied One-Day Cash-Out Premiums Paid",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "019d6e62-c6eb-43d0-82f5-a4c94bfef539",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.03,
        "y": 0.52
      },
      "kind": "chart",
      "text": "Shares Repurchased as % of Outstanding",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "181cc1df-10fe-4c1e-a415-8b5aba013c4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.52,
        "y": 0.52
      },
      "kind": "chart",
      "text": "Implied Effect of Premium",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63d709a4-0547-4d2e-894d-57441cc8f901",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.03,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "1. Reflects Cash-Out Price per Share divided by One-Day Pre-Announcement Share Price. 2. Computed as: ((Cash-Out Price per Share - Current Market Trading Price per Share) * Shares Repurchased) / (Current Market Capitalization - Computed Transaction Value).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29d063df-daa2-484b-a842-009bb33b7432",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Selected Illustrative \"Going-Dark\" Transactions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "807a2d49-a18c-48fb-955e-73a7ffe5a20a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.03,
        "y": 0.07
      },
      "kind": "title",
      "text": "Selected Transaction and Benchmarking Observations",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad4519ad-7016-401e-959d-f32a5a19461d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "6cb6d6d3-94e6-42b6-a901-1cadec69d938",
      "evidence": "disclaimer: 1. Reflects Cash-Out Price per Share divided by One-Day Pre-Announcement Share Price.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "peer_benchmark",
      "slug": null,
      "matchId": "a5fda828-a1a1-449e-9af9-6966405b64fd",
      "evidence": "Comparison of transaction metrics against a set of precedents.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 14,
      "beatId": "6ba495a3-b595-4e81-9c54-b10bb22a34bd",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The appendix data section presents additional information and next steps related to the investment opportunity.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}